This is what those options are betting on: a 12% cumulative drop for the $21 billion ETF, which trades under the ticker symbol IWM. That would leave the actively traded fund in official “correction” territory from its March 15 peak of $94.80.

So far, the ETF is down somewhat more than 3% from that record high. Wednesday afternoon, the ETF was down 1.1% at $91.55 as the Russell 2000 index lost 1.4%. So, those traders are betting this fall has a lot of air under it.

The recent slide in high-yield bonds should give Wall Street investors reason to be on high alert.

The iShares iBoxx $ High Yield Corporate Bond exchange-traded fund (HYG) suffered its seventh-straight loss Monday, closing at its lowest level since Dec. 28. That is the longest losing streak for the fund since a nine-session stretch ending April 10, 2012.

The HYG slumped 0.4% to $93.09 Monday and has shed 1.9% since peaking at a 4 1/2-year high of $94.88 Jan. 24. The S&P 500 lost 1.2% Monday to 1495.71, after having closed at its highest level in more than five years Friday.

High-yield bonds and stocks can send different messages over the short term. But when the HYG diverges lower like it has been over the past few weeks, investors have reason to be concerned.

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